What are the minimum and maximum ages for taking out a contract?
The minimum age for the insured upon taking out the policy is 0 years and the maximum age in the periodic premium type of policy is 15 years.
What is Ocaso Child Savings?
Ocaso Child Savings consists of an individual life insurance, with a variable interest rate which is guaranteed annually, the main coverage of which is to constitute a capital sum which will be received on the date of termination of the initially agreed duration and which must be, at least 10 years. The variable interest rate cannot be below the amount resulting from reducing by one percentage point, the interest rate established by the Directorate General of Insurance.
How can Child Savings be taken out?
Ocaso Child Savings can be taken out by making the periodic payment of the premiums in accordance with the chosen form of payment. The initial periodic premium starts from 600 Euros per annum according to the chosen form of payment. In the event of the insured being named in an Ocaso Death insurance policy, this minimum amount will be 480 Euros. The premiums will increase by at least 3% calculated by means of geometric progression. Extraordinary contributions may be made, with a minimum amount of 500 Euros, which will be 300 in the event of the insured being named on a death insurance policy.
What happens if the insured dies?
Ocaso shall pay the designated beneficiaries the paid premiums without including taxes and recoverable surcharges which the paid premiums have encumbered.
What is the value of the policy?
It is the fund comprised of the contributions made by the insured person, revalued at the annual technical interest rate applied annually, after having deducted management expenses, administration costs and the risk premium, foreseen in the particular conditions. Its amount coincides with the mathematical provision.
What is the redemption value?
It is the amount to be perceived by the insured, as a consequence of exercising his/her right to terminate the contract, after having paid the first two annual premiums in full. It is equivalent to the policy value minus the applicable expenses and penalties, according to the particular conditions of the policy. The redemption may be total, partial or automatic.
Can I suspend the premium payments?
Having fully paid up the premiums for the first two years, the Insured may suspend the premium payments, which will lead to transforming the policy into an insurance of the same type of policy and free from premium payments, according to the value of the policy in force at the time.
If so desired, the insured may resume the premium payments without having to pay the premiums unpaid to date and without having to pay any interest in concept of reinstating the insurance policy.